A Disclosure Checklist Is a Convenient Documentation Format for Evidence

question 108

True/False

A disclosure checklist is a convenient documentation format for evidence that the auditor adequately evaluated the client's disclosures.

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Definitions:

Sellers

Individuals or entities that offer goods or services in exchange for compensation.

Goods

Tangible personal property that includes a wide range of objects such as appliances, furniture, electronics, and more.

Wholesalers

Entities in the supply chain that buy large quantities of goods from manufacturers to resell to retailers or directly to the consumers.

Negligence Suit

A legal action brought against an individual or entity accused of failing to exercise a level of care that a reasonably prudent person would in a similar situation, resulting in harm or damage.